Jones Group shareholders overwhelmingly voted to approve the company's merger with Sycamore Partners in a deal that values the firm at approximately $2.2 billion. The Jones Group Inc. and Sycamore Partners have received all requisite approvals required to complete the transaction. The companies are committed to a seamless transition and expect to close the transaction promptly. Wesley R. Card, The Jones Group CEO, said, "We're pleased to have received such positive shareholder support for the merger with Sycamore Partners. We believe this transaction represents the best outcome for The Jones Group, our shareholders and the loyal customers of our brands."
Wesley R. Card
New York -- Jones Group Inc. reported Wednesday that it swung to a first-quarter loss of $1.2 million, compared with a profit of $25.7 million in the year-ago period. Costs of closing stores, paying severance, acquisitions and a strategic review impacted the results, which still surpassed analysts’ expectations. Revenue for the manufacturer and retailer of brands such as Nine West, Jones New York and Stuart Weitzman slipped 2.6% to $936 million in the quarter ended March 31, missing Wall Street’s expected $937.3 million in revenue. “The warmer weather during the quarter, coupled with an early Easter holiday, resulted in